Nigeria has successfully launched a major $2.35 billion international bond sale, signaling a strong resurgence in foreign investor appetite for African debt. The offering included $1.25 billion in 2036 notes and $1.1 billion in 2046 bonds, priced at yields of 8.625% and 9.125%. The offering included $1.25 billion in 2036 notes and $1.1 billion in 2046 bonds, priced at yields of 8.625% and 9.125%. These rates are lower than initial expectations and well below the 10.375% Nigeria paid on its 10-year Eurobond last December. The sale comes as other African nations, including Kenya, Angola, and the Republic of Congo, tap international markets. The surge is fueled by a brighter economic outlook and anticipation of falling US interest rates, which make high-yielding sovereign bonds more attractive. Notably, the sale proceeded despite recent diplomatic tensions with the United States, underscoring the powerful pull of financial opportunity.
Bloomberg
